The Petrovietnam Gas Joint Stock Corporation (PV GAS) has completed the EPC (Engineering, Procurement, and Construction) work on three LPG storage tanks and put them into operation at PV GAS Vung Tau Terminal in the southern province of Ba Ria-Vung Tau.

The project was invested by PV GAS and managed by the PV GAS Project Management Company (PV GAS PMC), a subsidiary of the corporation, with the Vietnam Petroleum Technical Services Corporation (PTSC) serving as its EPC contractor.

In July, the project completed installation, pre-commissioning and commissioning. It was handed over to PV GAS Vung Tau, a subsidiary of PV GAS, for operation management from July 29.

PV GAS Vung Tau Terminal is a crucial link in the continuous operation of the Bach Ho and Nam Con Son gas systems, with a storage capacity equivalent to 50% of the country's total for LPG. This facility plays an essential role in ensuring national energy security and stabilising the domestic LPG market.

Located in the Cai Mep Industrial Zone, Phu My township, the terminal has been operational since 2000. It is the largest LPG and condensate storage facility in Vietnam, tasked with storing, importing and exporting LPG and condensate products from the Dinh Co Gas Processing Plant, Nam Con Son Gas Plant and imported LPG for ships and tankers, supplying various consumers.

PV GAS invested in the LPG Storage Tank Project at PV GAS Vung Tau Terminal to increase storage capacity, improve operational efficiency, ensure operational flexibility, meet production and business requirements, and enhance competitiveness in the increasingly fierce LPG business environment with many domestic and international competitors.

The project comprises three LPG storage tanks, each with a capacity of 2,000 tonnes, along with technology and auxiliary systems to meet PV GAS's requirements for importing, storing and exporting LPG products. The facility uses spherical tank technology, currently the most optimal for storing and handling LPG./.

Vietnam manufacturing sustains strong growth in July

The strong growth in the Vietnamese manufacturing sector seen in June was sustained in July.

A further substantial rise in new orders led manufacturers to ramp up production, with the rate of growth quickening to a near-record high.

The S&P Global Vietnam Manufacturing Purchasing Managers' Index (PMI) was unchanged at 54.7 in July, signalling a further marked strengthening of business conditions in the Vietnamese manufacturing sector.

Andrew Harker, Economics Director at S&P Global Market Intelligence, said: “The fact that the Vietnamese manufacturing sector was able to sustain the strong expansion seen in June through into July adds to optimism that we are at the start of a good spell of growth that will help drive the wider economy forward.

"The main issue for firms at present is keeping up with demand. While production was ramped up, firms were still forced to dip into warehouse stocks to help meet new order requirements, resulting in one of the sharpest depletions of inventories on record.

"Manufacturers will need to expand workforce numbers more quickly and continue to secure additional materials should current trends in new orders be sustained in the months ahead."

In fact, the last time that growth was faster was in November 2018. Marked improvements were seen across the consumer, intermediate and investment goods categories.

New orders increased for the fourth month running in July, with the rate of expansion only slightly slower than the near record posted in June.

Where new business rose, panellists linked this to stronger market demand and an increase in customer numbers. New export orders also rose, albeit at a much softer pace than total new business. Some firms reported that export demand had been hampered by high shipping costs.

With new orders rising sharply, manufacturers ramped up production in July. Moreover, the rate of expansion in output quickened from that seen in June and was the second-fastest on record, just behind that seen in the opening month of data collection in March 2011.

Despite the sharp increase in output, firms needed to dip into existing stockpiles to help meet new order requirements. In fact, stocks of finished goods were depleted to the second largest degree on record, behind only that seen in February 2014.

Firms made efforts to expand capacity by increasing both their purchasing activity and employment at the start of the third quarter. Input buying rose markedly and at the fastest pace since May 2022. Staffing levels, on the other hand, increased only modestly and at a softer pace than in June. Meanwhile, backlogs of work accumulated for the second consecutive month.

Manufacturers were helped in their desire to secure materials by a second successive monthly shortening of suppliers' delivery times, although the degree of improvement in vendor performance was only marginal amid some reports of delays to sea transportation.

Stocks of purchases decreased for the eleventh month running and at a solid pace that was the sharpest since April. Input costs continued to increase sharply during July, with the pace of inflation only marginally weaker than the two-year high seen in June. Suppliers had reportedly raised their charges, while increased shipping costs were also a factor.

Rising costs for raw materials and shipping meant that manufacturers increased their own selling prices for the third month running in July. The rate of inflation was solid, albeit softer than that seen in the previous survey period.

Expectations that new orders will continue to rise over the coming year supported confidence in the outlook for production. Around 40 per cent of respondents expressed optimism, but sentiment eased to the lowest since January and was weaker than the series average./.

Fisheries export in July highest since early 2024

Vietnam’s fisheries export revenue in July grew 14% year-on-year to over 885 million USD, the highest recorded since the beginning of the year, according to the Vietnam Association of Seafood Exporters and Producers (VASEP).

The export during January – July was worth 5.28 billion USD, up 7% against the same period last year. Of the total, the shipment of shrimp rose 7% to nearly 2 billion USD, tra fish 7.7% to nearly 1.09 billion USD, and tuna 21% to 555 million USD.

Shipment to four major buyers recovered in July, with that to China increasing 30%, the US 14%, the EU 14% and Japan 11%.

During the seven-month span, export to the US and China expanded 10% to more than 930 million USD, that to the EU escalated 10% to over 600 million USD while that to the Republic of Korea inched up 1% to 426 million USD.

The US and the EU are expected to be promising markets for frozen products in the second half on the positive signs of economic recovery, easing inflation and cooling interest rates. In the meantime, there will be no breakthrough in the export of the goods to the Chinese market where demand for fresh products is high to serve catering service and tourism./.

Corporate bond issuances more than double in seven months

Companies issued 161.5 trillion VND (6.43 billion USD) worth of bonds during January-July, or 2.6 folds higher than the same time last year, the Ministry of Finance (MoF) said on August 5.

Credit institutions accounted for 67.5% of the value, property enterprises some 24%, and businesses of other industries 8.5%.

As much as 24 trillion VND worth of covered bonds was issued during the span, with those by realty firms making up of 84.4%.

Some 88.8 trillion VND worth of bonds was redeemed in the period, a 36% fall from a year earlier.

According to the Hanoi Stock Exchange, the total transactions in the secondary market amounted to more than 566.85 trillion VND, with each valued at around 4 trillion VND.

Earlier, a representative from VNDirect securities company forecast that bond maturity pressure will cool down in Q3 before heating up in the next quarter. The total value of bonds maturing in Q3 is expected at some 38.5 trillion VND, falling 27.2% quarter-on-quarter. The property sector was said to account for the largest share of 49%, followed by the banking sector with 26.7%.

The MoF said it will continue combining macro-economic policies with credit growth and property recovery ones to ensure transparency in the corporate bond market, thus making it develop in a safer, healthier and more sustainable manner./.

Vietnam, Singapore promote cooperation in stock market

The Vietnam Stock Exchange (VNX) and the Singapore Exchange (SGX Group) on August 5 signed a Memorandum of Understanding (MoU) on boosting their communication channels to promote their relations and serve the interests of the Vietnamese and Singaporean stock markets.

The MoU was signed under the witness of Vietnamese Minister of Finance Ho Duc Phoc, Vietnamese Ambassador to Singapore Mai Phuoc Dung and Singaporean Second Minister of Finance Chee Hong Tat during the visit to Singapore by a delegation of the Vietnamese Ministry of Finance.

Under the MoU, the two sides will share information related to the domestic market structure, including legal framework, market information, and information provision services. They will also share experiences in market surveillance, member supervision in the stock market, derivatives market and legal framework for cross-listing activities.

They will develop and promote corporate governance activities, including sharing experiences in establishing best corporate governance rules and practices for listed companies and institutional investors; support and improve the level of monitoring compliance with the SGX and VNX's listing regulations, and promote the image of listed companies on the Vietnamese and Singapore stock markets.

In addition, based on the full consideration of relevant legal frameworks depending on the time of exchange, they will seek cooperation opportunities, including potential for product development and listing on the stock market and derivatives market.

Loh Boon Chye, Chief Executive Officer (CEO) of the SGX Group, said that the Vietnamese stock market is a bright spot in Southeast Asia and Asia.

Global investors are also observing and recognising the development of the Vietnamese market, he said, adding that investors expect to be able to support the development of the Vietnamese stock market and benefit from that development.

To do this, he suggested Vietnam needs to make efforts to ensure the standards and norms of the stock market in the region./.

Industrial production on the mend: Deputy Minister

Vietnam’s industrial production has continued its rosy signs since late 2023, promising a bright prospect for the country in the time ahead, Deputy Minister of Industry and Trade Phan Thi Thang said at the Government’s regular press conference in Hanoi on August 5.

According to the official, Vietnam's Purchasing Managers' Index (PMI) in July 2024 reached 54.7 points, the highest since November 2018, with output increasing sharply thanks to increasing new orders for four consecutive months.

The index industrial production (IIP) in July grew by 0.7% over the previous month and 11.2% year-on-year, Thang said, noting the index saw increases in 60 provinces and centrally-run cities in the first seven months of this year.

She attributed the result to improvements in the production capacity of domestic businesses that have also shown their readiness to optimise opportunities to access new markets in the time to come.

Additionally, the deputy minister said, support policies and the drastic instructions of the Government and the Prime Minister in public investment disbursement and the implementation of key industrial projects have helped consolidate the confidence of both domestic and foreign firms.

The official also pointed to a range of challenges such as intrinsic weaknesses, regional and global volatilities, the risk of global supply chain disruptions, and the reliance on some export-import markets, along with the pressure of trade remedy investigations.

Given this, the Ministry of Industry and Trade will speed up public investment disbursement, review obstacles to key projects in electricity, oil and gas, processing and manufacturing, and minerals in order to soon put them into operation, and continue its cooperation with FDI firms and big enterprises at home and abroad as well as international organisations to step up connectivity and improve capacity for domestic suppliers.

The ministry will also encourage the purchase of home-made goods, and seek new markets for key exports, Thang added./.

PM requests continued implementation of proactive, flexible, timely, effective monetary policy

Prime Minister Pham Minh Chinh on August 5 requested the continued implementation of a proactive, flexible, timely, effective monetary policy which has proven its efficiency in the past time.

Chairing a meeting on the monetary policy with leaders of the State Bank of Vietnam (SBV), the Ministry of Finance, the Ministry of Planning and Investment, and other ministries and agencies, PM Chinh said that from now until the end of the year, to achieve higher growth, the money supply must be ensured, particularly for traditional growth drivers, and then new drivers, together with measures to control bad debts.

The leader revealed that up to 15-16 quadrillion VND is deposited at banks, asking for solutions so that this capital source can effectively serve production and business.

He emphasised that the government is operating a good monetary policy, especially in managing the gold market. However, in the long term, fundamental measures are needed to prevent the "dollarisation" and "goldisation".

PM Chinh noted that since the beginning of the year, the implementation of a proactive, flexible, timely and effective monetary policy and the synchronous and harmonious coordination between the expanded fiscal policy and other macro policies proved their effectiveness, contributing to achieving socio-economic development goals.

However, according to the PM, the country will face many difficulties such as increasing interest rates, credit growth failing met requirements, an increasing demand for foreign currency due to increased imports; unpredictable and complicated geopolitical risks and tensions; and large credit balances.

PM Chinh requested relevant ministries and agencies to grasp and closely follow the situation in the coming time; continue to implement a proactive, flexible, timely and effective monetary policy; coordinate synchronously, harmoniously and closely with the expanded fiscal policy and other macro policies to promote growth, ensure macroeconomic stability, control inflation, and ensure major balances of the economy.

He asked ministries and agencies to implement measures to increase revenue and save state budget expenditures; step up digital transformation, apply e-invoices in revenue management; thoroughly save regular spending; effectively implement policies to extend, exempt and reduce taxes, fees and charges; promote public investment, taking public investment as the driving force for private investment; promote the issuance of government bonds; and increase credit for traditional growth drivers and new growth drivers.

The government leader also demanded measures to boost exports, striving to reach the new export record of between 750-800 billion USD, with a trade surplus of over 20 billion USD in 2024./.

Bangladeshi businesses explore investment opportunities in Thai Binh

The Business Association in the northern province of Thai Binh on August 5 coordinated with the Dhaka Chamber of Commerce and Industry to organise a conference connecting Bangladeshi and Thai Binh businesses.

Besides representatives from the province, the association, the Vietnam Chamber of Commerce and Industry (VCCI), the Asia-Africa Market Department under the Ministry of Industry and Trade), 200 businesses from Bangladesh and Thai Binh province attended the conference.

Vice Chairman of the Thai Binh provincial People's Committee Lai Van Hoan briefed participants on the province’s socio-economic situation. Despite difficulties and challenges in 2023, Thai Binh reached GRDP of nearly 2.7 billion USD, export turnover of 2.6 billion USD and import value of 1.8 billion USD, and attracted over 3 billion USD in foreign direct investment (FDI), ranking 5th in the country.

He affirmed that the province is ready to welcome and committed to providing maximum support for Bangladeshi investors in terms of policies, legal procedures for investment, import and export of goods, and customs as well as ensuring a favourable investment, production and business environment. It will always listen to and promptly resolve difficulties, meeting all essential conditions for investors to operate stably and smoothly in the province, Hoan added.

For his part, Ashraf Ahmed, President of the Dhaka Chamber of Commerce and Industry, said that with more than 5,000 Bangladeshi member enterprises, the chamber plays an important role in developing the Bangladesh economy on the global scale.

Bangladesh currently has competitive investment regulations with many financial and non-financial benefits and a favourable legal environment for investors, such as 100% tax exemption for foreign ownership, bonded warehouses, and protection of intellectual property rights. Bangladesh has established Bilateral Investment Agreements (BITs) and Double Taxation Avoidance Agreements (DTTs) with 35 countries, including Vietnam.

He said Bangladesh and Vietnam have launched many initiatives to enhance economic cooperation, and the bilateral trade partnership between the two countries has been growing. However, there is still much potential, and the two sides need to strengthen cooperation to exploit each other's strengths, Ahmed said.

The official also emphasised that Bangladeshi enterprises wish to boost business cooperation in Vietnam, especially in the fields of agricultural product and food processing; finance; healthcare; construction materials; electronics, and garments.

He also hopes that Vietnamese investors in general and Thai Binh province in particular will come to Bangladesh to explore investment cooperation opportunities./.

Vietnamese, Korean companies cooperate in corporation governance with ESG

SK C&C - an information technology service provider in the Republic of Korea (RoK) - on August 5 announced that it has signed a Memorandum of Understanding (MoU) on cooperation with the FPT Information System (FPT IS) of Vietnam's leading IT company FPT Corporation in expanding the global digital Environment – Social – Governance (ESG) business.

Based on the carbon management and monitoring integrated platform 'Vertzero', it provides ESG consulting and solutions in Vietnam.

The two companies plan to jointly develop integrated digital ESG services for global customers. They will share digital ESG solutions and technology capabilities to develop customised digital ESG solutions and conduct joint marketing activities.

SK C&C will use its 'digital carbon passport platform' to help European manufacturers comply with EU carbon regulations such as the mandatory carbon emissions declaration system, carbon footprint, and digital battery passports. The Digital Carbon Passport Platform is a system that automatically generates carbon emissions reports based on actual carbon data and evaluates the environmental impact throughout the life of the product.

FPT IS will supply carbon accounting management software that tracks and manages carbon emissions on a business-by-business basis.

The two companies will also push for SK C&C's Net Zero Factory, a factory to achieve carbon neutrality, to enter Southeast Asia. It plans to form a joint business task force and launch a Net Zero Factory cooperation project, starting with a new plant in Vietnam.

Kim Min-hyuk, head of SK C&C's global business division, said that the cooperation has expanded opportunities to showcase SK C&C's digital ESG technology capabilities, including carbon passport platforms, in Europe and Southeast Asian markets as well as the RoK and Vietnam./.

Over 36.5 trillion VND worth of G-bonds raised in July

The Hanoi Stock Exchange (HNX) held 20 auctions of government bonds in July, raising over 36.5 trillion VND (over 1.45 billion USD).

The bonds were offered for five terms, including 5, 10, 15, 20, and 30 years, with the 10-year bonds traded the most and accounting for 82%.

Interest rates for bonds with 5, 10, 15, 20 and 30- year terms reached 1.94%; 2.76%; 2.96%, 2.98% and 3.1%, respectively.

On the secondary market, the listed value of G-bonds as of July 31 topped 2.101 quadrillion VND, up 1.28% compared to the previous month.

Government bond transactions in July had a total value of 262.765 trillion VND.

The average trading value was 11.425 trillion VND per session, a reduction of 19.94% compared to June, in which outright trading volume accounted for 55.27% and volume traded via repos 44.73%.

Foreign investors’ transactions made up 1.7% of the total transaction value in July, with net purchase value hitting 559 billion VND, down 0.5% over the previous month./.

Hung Yen hopes to sell specialty fruit to Japan

The northern province of Hung Yen, renowned for its fragrant and sweet longan, has worked to promote the export of the staple to Japan where stringent requirements on food safety and hygiene are in place.

Hung Yen is home to more than 4,600 hectares of longan, over 30% of which have been cultivated under VietGAP and GlobalGAP standards that yield more than 46,000 tonnes of fruit a year.

Quang Chau longan cooperative in Hung Yen city, whose 27.2 hectares of orchards were codes for export to Japan, has studied and applied advanced technologies into farming while registering for planting area codes, expecting an output of about 350 tonnes per year

According to deputy director of the cooperative Nguyen Van Biet, farmers have been required to strictly follow the cooperative’s cultivation process, prioritise organic fertilisers, and meet quarantine requirements before harvest to ensure food safety and hygiene.

Director of the provincial Department of Industry and Trade Vu Quang Thang said that if local longan, now available in such important markets as the US and Australia, is able to win a foothold in the fastidious Japanese market, it will be able to reach out to other international ones.

Thang added that the province has stepped up efforts to review, evaluate, and restructure planting areas and enhance the application of science, technology and advanced faming process to improve the quality of the local staple. Besides, the provincial People’s Committee has approved a project to bolster the trade promotion for its longan and related products in Japan for the 2021-2025 period, while identifying key measures to ensure the quality of the local fruit meets Japan’s requirements.

Furthermore, the department will pay attention to popularising the fruit as well as many other farm produces on social platforms, boost e-commerce sales of the product, and maintain its brick-and-mortar distribution channels through stores and supermarkets, he stressed, saying it will continue joining hands with competent sectors and localities to introduce good agricultural practices as well as harvesting and packaging techniques to farmers./.

Postal giants see mixed performance in first half of 2024

Postal companies are expected to see mixed revenue results in the first half of 2024, amid the strong growth of the e-commerce industry.

Since the beginning of the year revenue from the service is projected to hit VNĐ33.79 trillion (US$1.3 billion), up 22 per cent year-on-year, according to a report from the Ministry of Information and Communications.

The achievement represents 52.1 per cent of the total 2024 target.

The sector is anticipated to contribute VNĐ2.5 trillion to the state budget, showcasing a 10 per cent gain from the same period in 2023 and achieving 41.7 per cent of the 2024 plan.

The report also revealed that VNPost is on track to achieve an estimated revenue of over VNĐ7 trillion during the first half of 2024. The figure corresponds to 39.5 per cent of the annual target and an impressive 100.5 per cent growth compared to the same period in 2023.

VNPost is expected to see a profit before tax of VNĐ268.3 billion, meeting half of the annual target and demonstrating a substantial 103.5 per cent increase over last year. Projected contributions to the state budget are set at VNĐ384 billion, equal to 45.4 per cent of the annual goal and marking a 97 per cent rise from the previous year.

Meanwhile, Viettel Post’s combined revenue for the first six months of the year soared to more than VNĐ9.6 trillion, equivalent to 158.7 per cent of the yearly plan. The full-year revenue outlook sits at nearly VNĐ19.6 trillion.

After six months, Viettel Post's profit before tax stands at VNĐ190.5 billion, achieving 103 per cent of the target. The estimated annual profit is projected to reach VNĐ486.1 billion VND, representing 101.1 per cent of the annual plan.

The company's contributions to the budget is expected at VNĐ366.8 billion in the first half and are forecasted to reach 685.1 billion by year-end.

Looking ahead to the year's end, Viettel Post has outlined ambitious goals, aiming for a total consolidated revenue of VNĐ7.5 trillion.

Within the target, postal service revenue is projected to reach VNĐ5.2 trillion, with a profit before tax target of VNĐ295.59 billion. Its expected budget contribution is VNĐ318.3 billion.

On the contrary, in the first half of 2024, Giaohangtietkiem JSC is projected to yield a total revenue of VNĐ3.4 trillion, down 17 per cent from the same period last year. The anticipated state budget contribution is VNĐ464 billion VND, reflecting a 3.3 per cent decrease from last year. 

Viet Nam and Australia boost securities industry partnership

The State Securities Commission of Việt Nam (SSC) and the Australian Securities and Investments Commission (ASIC) officially signed a Memorandum of Understanding (MOU) for cooperation in Sydney, Australia on August 2.

ASIC Chairman Joseph Longo described the event as a pivotal moment in the collaborative efforts between the two regulatory bodies.

This signing not only underscores the enduring bond between the two parties, but also signifies a commitment to fostering cooperation and advancing the growth of the capital markets in both nations.

Longo highlighted that the MoU will enable the two agencies to establish formal information-sharing mechanisms, enhance technical cooperation in market supervision, exchange best practices and bolster investor protection efforts.

He added that the MoU reflects ASIC's commitment to supporting Việt Nam's economic growth and capacity building.

"ASIC commits to ongoing capacity-building support for the SSC, offering technical assistance, training programmes and infrastructure enhancements," said Longo.

The ASIC Chairman praised Việt Nam's recent economic strides, noting its resilience and dynamism in the region.

He expressed confidence in Việt Nam's capital market growth and development, adding that the MoU marks a fresh start in the partnership, aligning with shared vision of fostering a vibrant capital market under robust supervisory frameworks.

Vũ Thị Chân Phương, Chairwoman of the SSC, said that Vietnamese stock market is a crucial avenue for both short and long-term capital infusion for businesses and the economy. She noted its appeal to investors from Australia and beyond.

She acknowledged the valuable support from the Australian government in developing the market, including funding for the Joint Capital Markets Programme (J-CAP) by the World Bank.

This assistance aids the country in meeting market criteria, enhancing training activities, capacity building and fostering exchange programmes.

"The MoU signed today between ASIC and the SSC exemplifies a robust cooperative bond, enhancing effective collaboration between the securities regulators and the two nations. This supports the goals outlined in the Joint Declaration on Comprehensive Strategic Partnership between Việt Nam and Australia," Phương said.

She isalso optimistic that through voluntary cooperation, mutual benefit and legal compliance, the partnership between the SSC and ASIC will intensify, benefiting regulatory bodies, market operators and Australian businesses and investors in Việt Nam.

Phương also suggested increasing high-level leadership and technical exchanges, conducting practical training programmes, workshops and improving information exchange for better market management and supervision.

HCM City a top searched destination for Australian tourists

HCM City is among the top destinations in Việt Nam that tourists from Australia want to visit.

In a report from Agoda Vietnam, the company lists the top five searched destinations for Australians heading to Việt Nam from June to August, which include HCM City, Đà Nẵng, Hà Nội, Hội An and Nha Trang.

As flight connectivity is expanding between Australia and Việt Nam, digital travel platform Agoda has noted an increase in searches for travel between ​the two countries. This is in line with the ​official data recently announced by the Việt Nam National Authority of Tourism and Tourism Australia, the company said.

When looking at searches, Agoda's insights indicate a 26 per cent year-over-year increase in searches for Vietnamese destinations by Australians eager to escape the southern hemisphere's winter for Việt Nam's tropical climate, the company added.

“It’s great to be welcoming tourists from Australia to experience all that Việt Nam has to offer,” said Lâm Vũ, country director of Agoda Vietnam. "Our nation provides a warm, welcoming experience for culture travelers looking to enjoy our cuisine, landscapes, and vibrant cities.”

“Aside from the two major destinations, Đà Nẵng, Hội An, and Nha Trang have also proved popular among Australian travelers seeking off-season beach time in addition to exploring cultural landmarks and urban centers,” he continued.

Going the other way, Agoda's data indicates a 36 per cent​ year-over-year​ increase in ​​searches for accommodations by Vietnamese travelers to Australia.

Vietnamese travelers are searching for hotels in Sydney, Melbourne, Perth, Adelaide and Brisbane.

“This is an exciting ​development for Vietnamese travel,” said Lâm. “It’s wonderful to see my countrymen exploring new cultures and experiences all over Australia.”

His Australian counterpart, Agoda country director Zsuzsanna Janos, added, “Australia offers a variety of experiences for Vietnamese travelers. Some might come to visit family and friends - there is a large Vietnamese diaspora in Australia including almost 30,000 Vietnamese students here - while others will look to explore our unique wildlife and multicultural cities. There are ample opportunities to enjoy and enrich their visit, no matter which city or region in Australia they visit.”

“This increase in two-way travel interest reflects the growing appeal and mutual fascination between our nations, promising unforgettable experiences for all who journey between Australia and Việt Nam,” she concluded.

According to the Ministry of Culture, Sports and Tourism, Australia is among the top 10 biggest markets of the Vietnamese tourism sector.

In 2023, the volume of visitors from Australia to Việt Nam ranked ninth and it jumped to sixth in the two first months of this year.

In the first six months of 2024, the number of visitors from Australia jumped by 119 per cent over the same time in 2019.

Hanoi promotes building brands for OCOP products

After more than four years of implementation, Hà Nội is at the forefront nationally in terms of the number of products assessed and categorised under the 'One Commune One Product' (OCOP) programme.

Nguyễn Văn Chí, Deputy Chief of the Standing Office of the New Rural Development Programme Coordination Office in Hà Nội, said that in 2023, 400 OCOP products were evaluated. Overall 26 districts, towns and communes evaluated 544 products, including 20 districts and towns with 104 potential 4-star OCOP products, 50 products were re-evaluated and 54 products evaluated for the first time.

From 2023, OCOP product evaluations require products to have intellectual property certification. To address this, the New Rural Development Programme Coordination Office in Hà Nội has requested the Department of Science and Technology to coordinate with all the districts and towns to implement the certification in order to upgrade Hà Nội's 4-star OCOP products to potential 5-star products.

According to recently issued Decision No. 1147/QĐ-UBND, the Hà Nội People's Committee has approved the evaluation and classification results of 104 4-star OCOP products in 2023 from 32 entities in 20 districts and towns. With 440 3-star OCOP products previously recognised, from 2019 to the end of 2023, Hà Nội has evaluated and classified 2,711 OCOP products, accounting for over 22 per cent of the country's total. Among these, there are six 5-star OCOP products, 12 potential 5-star products, 1,473 4-star products and 1,220 3-star products.

Despite the large number of OCOP products, the number of products with protected brands remains modest. According to the Hà Nội Department of Agriculture and Rural Development, the city has only 40 products granted collective trademarks, such as Vân Đình duck (Ứng Hòa district), Bối Khê rice (Thanh Oai district), Ba Vì hill chicken (Ba Vì district) and Đại Thành longan (Quốc Oai district).

Nguyễn Văn Chí believes that building collective trademarks will help cooperatives and farmers change their production methods from traditional to closed-chain, ensuring food safety. Products registered with collective trademarks will be protected and if sold in supermarkets and commercial centres, the prices could be 15 to 20 per cent higher than products of the same type, quality, and design.

Tạ Văn Tường, Deputy Director of the Hà Nội Department of Agriculture and Rural Development, stated that to effectively protect and manage the city's agricultural and specialty brands, Hà Nội's agriculture sector needs to continue coordinating with other departments, sectors and localities to build Hà Nội's distinctive agricultural brands.

In addition to supporting packaging and labeling costs for products with recognised OCOP brands, Hà Nội's agriculture sector also needs to promote the development of safe, sustainable food supply chain models associated with concentrated planning areas, laying the foundation for building Hà Nội's agricultural brands.

Affirming the role and importance of brand and trademark building and management, Nguyễn Mạnh Quyền, Vice Chairman of the Hà Nội People's Committee, stressed the need to raise awareness among entities participating in OCOP product development, brand and trademark building and encourage the improvement of product designs and styles.

"Enhancing the transfer and application of science and technology in production and consumption, supporting entities in upgrading OCOP certified products and building brands and trademarks are necessary requirements in the context of an increasingly competitive market and diverse consumer preferences," Quyền said. 

Source: VNA/SGT/VNS/VOV/SGGP